A recent pronouncement from the Chinese regulators revealed that the country would prioritize improving the existing blockchain standards. The regulators will issue a new blockchain standard in the next trading year.
An article from the Chinese Ministry of Industry and Information Technology (MITT) urges the public to contribute in developing suitable blockchain standards. The community can now share their valuable inputs on an online platform created by the MITT team which will be open until April 28.
The regulators seek to develop a clear framework for their blockchain designs. Also, the team plans to develop a decentralized ledger that meets the global technological standard.
Per the MITT update, the team plans to formulate the final draft of the proposed blockchain standards after gathering necessary information from the public.
Review of the China Blockchain Standards
China has invested heavily in blockchain technology as the world is pushing for crypto adoption. The remarkable Chinese efforts in blockchain technology aim at paving the way for the actualization of the National Economic and Social Development and Vision of 2035.
The Chinese believe that blockchain technology has endless opportunities to boost the performance of local industries. Blockchain technology will transform traditional companies by improving the communication infrastructures necessary to boost delivery of services.
In addition, the attempt to attain the Chinese blockchain goal compelled the regulators to establish a research institution in February. The blockchain research centers aim at providing learning opportunities for students and developers.
A recent survey on Chinese blockchain adoption revealed more than 1400 companies are utilizing Web3 technologies. Subsequently, the Chinese have submitted over 84% of blockchain-related applications which 19% have been rejected.